Memecoins are popular among investors who want high-risk, high-reward opportunities.
Analyst SlumDOGE Millionaire suggested buying the biggest ones on each chain as a way to diversify one's investments.
Some of the best chains to choose from include Ethereum, Base, Cardano, Solana and Avalanche.
Most of these memecoins have great "buy the dip" outlooks.
The last and most bullish phase of the bull run is incoming and will hit the market at any moment.
Investors looking for high reward (and high risk) setups to enter and exit the market with as much profit as possible typically pick memecoins as one of their major go-to's.
It turns out that analyst and memecoin investor SlumDOGE Millionaire has a strangely clever strategy:
Focus on one memecoin—from each major blockchain.
This makes sense because nobody knows which blockchain will herald the next crypto boom. Given this, it might be a good idea to hedge against the market by positioning one's assets in specific strongholds.
Here are the major chains to choose from, the best cryptos on them, and why these may (or may not) be a good idea.
Pepe has been a major performer so far in 2024.
The ongoing marketwide bearishness has significantly reduced investor sentiment so far. However, Pepe has held its ground among memecoins.
TradingView data shows that, at the time of writing, Pepe is up by around 511% Year-to-Date.
Pepe on TradingView
The last six months have seen the memecoin rake in a staggering 190%, along with more than an 800% price increase in the last 365 days.
This makes Pepe wildly bullish, with a current price of 0.00000796 as of writing.
Pepe in the charts
In the charts, we are looking at an ascending trendline on PEPE, which has been valid since the start of the year.
More importantly, the cryptocurrency is now testing this formation at around $0.00000765, and it is at one of the best accumulation positions on the charts right now.
Cardano's $ADA hasn't been very bullish so far. This sluggishness is visible in Snek's price action, with its 42% decline on a 6-month and YTD basis.
Snek’s price performance
The cryptocurrency's price action over the last 365 days has been impressive, though, with a rally of around 268%.
The charts show that Snek is trading in a relatively flat descending wedge, as shown below:
Descending wedge on Snek
This means that while the cryptocurrency's volatility is currently low, it is coiling up like a spring and could be ready to break out at any moment.
With this being said, Snek is close enough to the lower trendline of this wedge, which means that, like Pepe, it is in a valid accumulation range.
When the action returns, this memecoin is set to wake up along with the rest of the market.
Interestingly, Brett's price action shows that it is relatively bullish but has stagnated for more than six months.
TradingView data shows the same 178% price increase on the memecoin across its 6-month to yearly timeframes.
Brett’s price action
Brett, according to the charts, is trading within a symmetric triangle as indicated below:
This means that a breakout in either direction, whether up or down, is entirely possible.
Brett’s price action
The RSI on the daily chart shows that the bears have the upper hand as of writing. However, Brett’s status as a memecoin means that this may have no bearing at all.
Brett's verdict is that investors should watch for news or hype material that might cause a breakout from the formation above.
Overall, Brett should be avoided if we see a lower low formation or a price below $0.07386.
DogWifHat used to be a major heavyweight at the beginning of the year. This time around, however, the cryptocurrency has crashed from $5 to as low as $1.6.
WIF's price performance
The cryptocurrency also trades at a relative price increase of around 34.8% in its six-month to yearly timeframes.
WIF’s price performance
According to the charts, the ongoing slump in WIF might be a major "buy the dip" opportunity, as shown above.
The cryptocurrency currently trades within a descending wedge and could soon break out towards $5.
The worst-case scenario for WIF would be another crash and retest of the wedge's base before the final push to the upside.
LandWolf is on the opposite end of the spectrum among the other four.
According to TradingView, the memecoin is down in most major timeframes and only up by around 12.38% in its weekly timeframe.
The price of Wolf
The cryptocurrency appears to have experienced the worst crash of all in the charts, as shown.
Wolf’s price action
While the chart shows an entirely bearish scenario for WOLF, it should be noted that the memecoin's risk-to-reward ratio seems attractive.
The memecoin has hit its complete bottom and needs its bulls to put in a little more momentum for a rebound
If WOLF doesn't drop below 0.0000077212, it might present one of the most lucrative buy-the-dip opportunities when the recovery begins.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.